LF Riverton Springs, LLC | Loan #4061 – FUNDED
Description: First Trust Deed collateralized 11 acres of residential land situated just west of Interstate 15 in Riverton, Utah (approximately 24 miles south of Salt Lake City, Utah). The borrower acquired the site about 10 months ago for over $1,000,000. During the past 10 months the borrower has been working with the city to get the site approved for 15 semi-custom lots. Development work on the 15 proposed lots is estimated to cost $900,000. This means the developer would have a finished lot cost of $130,000 per lot. Finished lots in the adjacent community have been selling between $200,000 and $275,000 per lot. This leaves the borrower in a great position o build and ultimately sell homes on the site for below market rates and still make a healthy profit.
